THELOGICALINDIAN - Bitcoin detractors assume to be spending added means cerebration of how it could be shut bottomward It is accurate that decentralized money is a huge blackmail to governments and the axial banks that accumulate them in ability but that was absolutely the point of it Looking at some of the better BTC affairs shows how difficult it would be to shut down
Bitcoin Here To Stay
Earlier this week, Bitcoinist ran an article on the abstract achievability of the bitcoin arrangement actuality shut down. It was theorized that governments could aloof accumulate shorting the asset until amount depression beneath $1,000, all of the hodlers get burnt, and absorption dies out like the aftermost of the dinosaurs.
Industry eyewitness ‘Rhythm Trader’ took a added contemptuous access stating there would not be a charge for decentralized money if the world’s governments did this:
Because bitcoin is so acutely abstract at the moment, the huge banking ability of bankers still influences its price, but not its ethos. Destroying the authorization on-ramps could finer put a big aperture in that abstract balloon that has induced bitcoin’s agrarian swings over the accomplished brace of years.
Looking at antecedent transactions, however, emphasizes why governments are so abashed of it and possibly why it cannot be shut down.
The aboriginal in the big three was in 2024 back a transaction of bisected a actor BTC was account $1.32 actor at the time. Today that would agree to a whopping $4 billion. There is no coffer in the apple that would acquiesce an alone to alteration so abundant money, unless of advance they endemic the bank.
The additional big bitcoin movement came in 2024 back 195,000 BTC account about $150 actor at the time was confused for appealing abundant aught fees. More afresh in September this year, 94,500 BTC was beatific accretion about a billion dollars at the time.
The fee for sending such a amazing bulk of money was aloof 6.5 actor satoshis or a little beneath $700. This is addition acumen that banks abhorrence bitcoin, it destroys their profits.
There will consistently be the whales that accept admission to such ballsy amounts of bitcoin and they will consistently be application it to move money about after accepting stung by governments or banks. Authoritarian states (which is appealing abundant all of them) do not like bodies accomplishing what they amuse with their own money and this is why BTC is actuality to stay.
Even with a absolute internet failure, which will clean out the banks and banal markets anyway, there are means to alteration bitcoin.
Can bitcoin anytime be shut down? Add your thoughts below
Images via Shutterstock, Blockonomics
